The Sears building, when closed, will be demolished and transformed into 650,000 square feet of new retail, including the Bloomingdale's department store, large format retailers, dining, entertainment and 200,000 square feet of inline retailers.

The entire mall will receive a face-lift, including an upgraded food court, customer amenities, landscaping and pedestrian access from Ala Moana Boulevard. Ala Moana Center is today the world's largest open-air shopping mall.

"Ala Moana is an iconic mall with world recognition. Its sales productivity exceeds $1,400 per square foot with 42 million shopper visits annually. Adding Bloomingdale's to its stellar department store and retailer line-up only furthers Ala Moana's status as a premier retail destination. I believe the expansion and renovation of Ala Moana will set the standard of excellence for re-investing in a property," said Sandeep Mathrani, CEO of General Growth Properties, owner of Ala Moana Center.

"Ala Moana will provide an exceptional environment for the distinctive, upscale shopping experience for which Bloomingdale's is world famous. It is a beautiful open-air shopping center that is a recognized destination not only for local customers from the Hawaiian islands, but also for visitors from the U.S. mainland, Asia and worldwide," said Michael Gould, chairman and chief executive officer of Bloomingdale's. "In Hawaii, we will offer global customers the unique Bloomingdale's sense of contemporary style, as well as the attentive service that sets us apart."

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